Bitcoin sailing high in ‘blue sky territory’, goes past $106,000: 5 factors powering crypto’s flight
1 week ago

Bitcoin sailing high in ‘blue sky territory’, goes past $106,000: 5 factors powering crypto’s flight

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Bitcoin surged to a record high above $106,000 on Monday. 2 - Trump vows to do something great with crypto In an interview with CNBC, Trump said: “We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head.” In July, when Trump was a Republican presidential candidate, he had promised to create a “strategic national bitcoin reserve” and predicted bitcoin could eclipse gold’s $16 trillion market capitalisation during an appearance at the Bitcoin 2024 conference. As per data provided by CoinGecko, governments around the world held 2.2 per cent of bitcoin’s total supply as of July with the US possessing nearly 200,000 bitcoins valued at more than $20 billion at current levels. Bitcoin marches towards $110,000 “We’re in blue sky territory here,” a report by Reuters quoted Tony Sycamore, an analyst at IG as saying. Bitcoin has surged more than 50 per cent since the November 5 US Presidential election result and is up 192 per cent for the year, the Reuters report said.

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